Investment Overview

Marcus & Millichap, as Exclusive Advisor, is pleased to present 4466-4518 Crenshaw Boulevard, a 28,207 square foot school property situated on 1.48 acres of land (64,456 SF) located less than 0.2 miles from the Metro K line Leimert Park Station in the Los Angeles submarket of Leimert Park, CA. The 4466-4518 Crenshaw Boulevard is zoned C2-2D-SP, designated a Tier 4 in the Transit Oriented Communities (TOC) incentive program, and is situated in the Crenshaw Corridor and South Los Angeles Alcohol Sales specific plans. By right, one hundred sixty-four (164) units can be developed on the site and up to two hundred ninety-six (296) using the 80% density bonus through the TOC. New developments are allowed up to a 1.50 FAR or 2.00 FAR for mixed-use projects, however the specific plan allows one square foot of floor area for each square foot of podium parking area relocated to subterranean levels up to 1.0 additional FAR (a total of 2.50 FAR or 3.00 FAR for mixed use projects). TOC projects are permitted an additional 45% FAR increase and an additional 33 feet above the 60 foot by-right height limit. Because of the site’s proximity to transit, new projects are eligible for AB 2097, eliminating any parking requirements. Ambitious developers can achieve greater bonuses using the California State Density Bonus Law which allows density bonuses up to 100%. The subject property is also an Executive Directive 1 (ED1) eligible site which permits unlimited density, height restriction up to 93 feet, and up to four (4) on or off menu development incentives. 4466-4518 Crenshaw Boulevard is currently operating as a school and can be vacated as early as July 1st, 2025, making it an ideal owner-user or value-add opportunity. The property is made up of eight (8) independent structures, on nine (9) separate parcels, totaling 28,207 square feet. The properties benefit from large front, rear, and side yards that serve as playgrounds for school use. Because of the property’s underlying C2-2D-SP zoning, a variety of school uses as well as a myriad of other commercial uses are allowed by right. This optionality paired with the properties’ ability to be divided provides a value-add or owner-user buyer the ability to improve the properties for different uses or even sell any undesired or repositioned parcels, as needed. The subject property benefits from outstanding visibility with approximately 420 feet of frontage along Crenshaw Boulevard. The property is situated centrally along Crenshaw Boulevard, benefiting from proximity to the Leimert Park Station as well as ongoing Crenshaw Boulevard street and community improvements. The while already highly dense, the area has been the subject of rapid gentrification and revitalization through the implementation of the Crenshaw Corridor Specific Plan.